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Assuming we wanted not to predict someone's income but rather simply if that person makes more or less than a given amount (say $50k). (When) would it be better to approach this as a classification problem ("0=less than 50k, 1=more than 50k") or as regression problem? That is, would it make more sense to bin the income and then perform a classification, or perform a regression and bin the result?

There has been a question about whether every classification problem can be approached as a regression problem (here). I'd be interested if the answer is the same for this special case.

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    $\begingroup$ Setup validation and try both. I'd suspect the regression problem will do better. In general throwing away information via thresholding isn't good unless it somehow removes irrelevant noise. $\endgroup$
    – Ryan Bressler
    Commented Nov 29, 2016 at 22:43

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